Feds shutter Florida’s BankUnited!

Federal regulators closed BankUnited of Coral Gables-2009’s largest bank failure.

Miami, FL(JusticeNewsFlash.com)–United States federal regulators closed failed BankUnited of Coral Gables, Florida. BankUnited, the biggest bank headquartered in Florida, was closed by the Federal Deposit Insurance Corporation (FDIC) regulators after faltering from loans made in the housing boom as reported by the Sun Sentinel.

BankUnited’s inability to survive marks the nation’s largest bank failure this year. FDIC regulators appointed new owners and say all deposits are secure. Palm Beach, Broward, and Miami-Dade have nearly $150 billion in customer deposits at BankUnited. The failing BankUnited checks, ATM cards, and debit cards remain valid. Bank executives reported losses of $1.2 billion in 2008, and the FDIC agreed to share in BankUnited’s losses of $10.7 billion in assets with the new owners. The government’s deal will cost the FDIC insurance fund $4.9 billion and unfortunately shareholders equity could be lost.

JusticeNewsFlash.com news for Florida business litigation attorneys.

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About the Author Justice Seeker

Heather L. Ryan, R.N., C.L.N.C- Heather Ryan is a Certified Legal Nurse Consultant with 15 years of experience in the health care industry. Her expertise in reviewing medical records and assisting lawyers with the determination as to whether legal action should be taken provides an invaluable asset to the newsroom. Medical-malpractice, products liability, personal injury and workers’ compensation are some of the recent areas of litigation Ms. Ryan has focused her efforts on. A member of the Florida Justice Association, Heather maintains a long list of certifications and credentials to support her areas of expertise and stays up-to-date with her clinical knowledge working as an emergency room/trauma nurse, at a Level 1, Adult/Pediatric trauma and teaching institution in South Florida.